Futures rose for Brent crude more than a dollar a barrel yesterday, as investors waited for signs of economic growth in China, the largest energy consumer in the world. London Brent crude rose $ 1.04 to $ 112.44 a barrel. While the euro fell and the dollar against the yen.
Traders will see closely Chinese trade data for the month of December, which issued on Thursday, looking for confirmation that Beijing is recovering steadily, though slowly.
The U.S. crude up 22 cents to $ 93.41 a barrel.
The Credit Suisse analysts said in a report: “There is now very clear indicators that this slowdown is over. Latest forward-looking economic indicators show that economic growth is re-rise, particularly in the major consuming countries for commodities, such as China and the United States.”
Oil in Asia
In Singapore futures settled Brent above $ 111 a barrel yesterday, are being traded in a narrow range, with investors cautious before important data from China and a meeting of the European Central Bank this week.
And will continue to investors closely Chinese Trade Data for the month of December, which is due out on Thursday, in addition to the figures of economic growth for the fourth quarter of last year, which will be announced on January 18, to get confirmation that China is the largest energy consumer in the world achieve a recovery steady but slow .
Brent dropped in the nearest contract maturity of 19 cents to $ 111.21 a barrel after closing the stable almost overnight.
The fall in the price of U.S. light crude ten cents to 93.09 dollars a barrel, brushing aside the gains of the previous session.
Said Tony Nunan, risk manager at Mitsubishi Oil Corp. in Tokyo that the outlook for oil prices this year Schoppea concerns that go beyond the global supply demand.
Noonan said, “the world economy is the important thing to oil prices, and still the direction of unclear.”
The futures rose to a combination European benchmark Brent crude for February delivery nine cents at the settlement the day before yesterday to 111.40 dollars a barrel, extending gains in the past week, with the support of the expectations about the global economy and energy demand.
The futures rose U.S. crude oil for February delivery 10 cents at the settlement the day before yesterday, supported by expectations that the expansion of the Seaway pipeline will be fully operational this week.
The shrinking margin between the nearest contract maturity and benchmark Brent crude to 17.80 dollars a barrel during the session, the lowest margin since September, before expanding again to more than $ 18 at closing.
Qatar is the first cut from yesterday retroactive official selling price for December shipments of its crude oil to marine 108.55 dollars per barrel, which is less than $ 0.80 from its level of shipments of November. And thus became the official selling price for crude maritime country is the average price of Dubai crude for December, and $ 106.34, plus 2.21 dollars, compared with a premium of $ 2.09 in November.
The agency said that Qatar also reduced the price of crude oil overland shipments of December to 109.60 dollars per barrel, which is less than $ 1.30 from its level in November.
And thus became the official selling price of raw wild country is the average price of Dubai crude for December, plus 3.26 dollars, compared with a premium of 3.46 dollars in November.
The euro fell and the dollar against the yen yesterday, as investors reap profits from recent bet on the Japanese currency’s slide, with expectations expansionary monetary policy by the Bank of Japan.
The euro has dashed early gains achieved after the finance minister said Taro Aso said the Japanese government will buy bonds issued by the European Stability Mechanism, a permanent bailout fund for the euro zone, in a move that did not leave little impact on the yen.
The euro rose to its highest level in the session at 115.25 yen, from around 114.60 yen, after Aso’s comments, but he quickly dispelled gains.
The euro fell 0.5% to 114.54 yen, down from its highest level in 18 months at 115.995 yen hit in the second of January on the trading platform “IPS”.